We specialize in detecting and correcting errors and oversights in financial transactions.
Recovery Audits Explained
Businesses in all sectors can suffer financial losses due to the complexity of administration. This could be from not receiving all monies due from your suppliers or inadvertently paying suppliers too much for the goods and services you buy from them.
What is Recovery Audit?
Transactional errors, throughout the Procure to Pay cycle, can happen and most will be picked up by your own internal controls. However, a small number of errors will remain unchallenged.
Profit Connect identify these unchallenged items, recover the money you have lost and provide valuable insights to improve internal controls reducing the likelihood of future errors.
P2P cycle
In all financial transactions with suppliers, some money is lost, Profit Connect recovers all that money for you.
Solutions for You
Profit Connect cover the full spectrum of procurement spend
Accounts Payable Transactions
We review and audit all accounts payable transactions to ensure accuracy and efficiency in payments. Benefits:
- Reduction of errors and fraud.
- Improved cash flow management.
- Optimization of payment processes.
Adhoc Agreements with Suppliers
We review and verify all commercial agreements with suppliers to ensure that the terms and conditions are adhered to. This includes informal agreements and adhoc arrangements. Benefits:
- Recovery of open items and missed charges.
- Clarity and Understanding.
- Risk Management.
Contracts with Suppliers
We meticulously analyze and verify all formal contracts with suppliers to ensure compliance and optimization of terms. This includes reviewing pricing, delivery terms, service levels, and any other contractual obligations. Benefits:
- Assurance of Contractual Compliance.
- Cost-Saving Opportunities.
- Improved Supplier Relationships.
- Risk Mitigation.
- Optimization of Terms.
Indirect Tax
We evaluate and audit indirect taxes to identify recovery opportunities and ensure tax
compliance. Benefits:
- Recovery of overpaid taxes.
- Reduction of tax burden.
- Compliance with tax regulations.
Property Rental and Service Charge Costs
We review property rental costs and service charges to ensure they are accurate and justified.
Benefits:
- Reduction of unnecessary costs.
- Recovery of overpaid fees.
- Improved property management.
- Transparency in cost allocation.
Utilities and Telecoms
We audit utility and telecom expenses to identify inefficiencies and cost-saving opportunities.
Benefits:
- Recovery of overpaid fees and duplicate payments.
- Reduction of operational costs.
marketing Costs
We evaluate marketing expenses to ensure investments are effective and generate a positive
return. Benefits:
- Recovery of open items and missed charges.
- Reduction of unnecessary expenses.
IT Costs
We audit IT costs to ensure technology investments are efficient and effective. Benefits:
- Recovery of overpaid fees and duplicate payments.
- Reduction of technology costs.
- Optimization of IT resources.
- Support with the improvement in system security and efficiency.